Income Tax Savings Tips: If you want to save income tax, today we will tell you about some special ways to save tax, about which you may not know. You can save tax by investing before March 31.
Income Tax Savings: Employed people are very worried about income tax exemption… If you are also thinking how to save maximum income tax, then today we will tell you about some special ways to save tax, Which you may not know about. You can save tax by investing before March 31.
Let us tell you through which methods you can make tax savings-
1. Tax exemption on children’s fees
You can also avail tax exemption on your child’s fees. If your child is studying in a playgroup or is in pre-nursery or nursery, you can also take advantage of it. You can avail the benefit of this exemption under Income Tax Act 80C. Maximum 2 children can get this benefit only.
2. Save tax through insurance
Apart from this, you can also save tax by taking health insurance for your parents. You will also get the benefit of tax exemption on health insurance premium. If your parents are below 65 years of age, you will get the benefit of tax exemption on insurance premium up to Rs 25,000. At the same time, if your parents’ age is 65 years, then you will get the benefit of exemption up to Rs 50,000.
3. Get tax exemption on medical expenses
You can also avail tax exemption on the medical expenses of your parents. One condition to avail this benefit is that the age of your parents should be 60 years or more. At this age everyone needs more medical expenses. You can avail tax exemption on these expenses. In this you can get tax exemption under section 80D. In this you can avail a maximum discount of up to Rs 50,000.
4. Claim HRA this way
Many people live with their parents so they are not able to claim HRA, but if you pay rent to your parents, you can claim HRA. Under Income Tax Act 10(13A), you can avail tax deduction on HRA by showing your parents as tenants. In this you can show that you are paying house rent. At the same time, if you are taking any other type of housing benefit then you will not be able to claim HRA.
